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Registration number: 08577291

Earby Fitness Mill Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Earby Fitness Mill Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Earby Fitness Mill Limited

Company Information

Director

Mr J A Shutt

Registered office

Unit 12, Victoria Mill
Boot Street
Earby
Lancashire
BB18 6UX

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Earby Fitness Mill Limited
for the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Earby Fitness Mill Limited for the year ended 30 June 2023 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Earby Fitness Mill Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Earby Fitness Mill Limited and state those matters that we have agreed to state to the Board of Directors of Earby Fitness Mill Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Earby Fitness Mill Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Earby Fitness Mill Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Earby Fitness Mill Limited. You consider that Earby Fitness Mill Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Earby Fitness Mill Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

13 February 2024

 

Earby Fitness Mill Limited

(Registration number: 08577291)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

10,271

11,414

Current assets

 

Stocks

5

286

272

Cash at bank and in hand

 

1,108

1,007

 

1,394

1,279

Creditors: Amounts falling due within one year

6

(2,701)

(4,225)

Net current liabilities

 

(1,307)

(2,946)

Total assets less current liabilities

 

8,964

8,468

Creditors: Amounts falling due after more than one year

6

(15,568)

(12,856)

Provisions for liabilities

(1,229)

(1,447)

Net liabilities

 

(7,833)

(5,835)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(7,933)

(5,935)

Shareholders' deficit

 

(7,833)

(5,835)

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 13 February 2024
 

.........................................
Mr J A Shutt
Director

 

Earby Fitness Mill Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 12, Victoria Mill
Boot Street
Earby
Lancashire
BB18 6UX

These financial statements were authorised for issue by the director on 13 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Gross turnover is shown net of returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Earby Fitness Mill Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixture and fittings

15% reducing balance

Office equipment

15% reducing balance

Plant and machinery

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Earby Fitness Mill Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2022 - 1).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

3,800

25,177

28,977

At 30 June 2023

3,800

25,177

28,977

Depreciation

At 1 July 2022

-

17,563

17,563

Charge for the year

-

1,143

1,143

At 30 June 2023

-

18,706

18,706

Carrying amount

At 30 June 2023

3,800

6,471

10,271

At 30 June 2022

3,800

7,614

11,414

Included within the net book value of land and buildings above is £3,800 (2022 - £3,800) in respect of short leasehold land and buildings.
 

 

Earby Fitness Mill Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Stocks

2023
£

2022
£

Other inventories

286

272

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

-

1,170

Accruals and deferred income

 

2,701

3,055

 

2,701

4,225

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

15,568

12,856

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

15,568

12,856

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

-

1,170